Stocks retreat amid 'lingering anxieties'

NEW YORK (CNNMoney) -- U.S. stocks closed down modestly Wednesday, as investors found new reasons to worry about Europe's economy. Less-than-stellar earnings from two big tech companies added to sluggish trading throughout the day.

The Dow Jones industrial average (INDU) ended the day down 83 points, or 0.6%. The S&P 500 (SPX) lost 6 points, or 0.4%. The Nasdaq (COMP) moved down 11 points, or 0.4%.

"Investors are thinking again that the calm about Europe over the last three to four months may have been premature," said BTIG's chief strategist Dan Greenhaus.

Spain released data showing that Spanish banks held more problem loans than expected, sending its stock market down and causing other European markets to fall.

That news added to worries over whether the government in Madrid may be forced to seek a bailout. On Wednesday, German two-year debt sold at a record-low yield, with investors fleeing to the perceived safety of Europe's largest economy amid the troubles elsewhere.

"I think that the performance of IBM and Intel today tells you that even beating estimates isn't enough, and that the market may have run too far," said Joe Saluzzi, co-head of equity trading at Themis Trading.

Overall, earnings have been better than expected.

Of the 56 companies in the S&P 500 that have reported their quarterly results thus far, 44 have beat analyst estimates, with seven matching and just five coming up short, according to Capital IQ.

U.S. stocks rallied Tuesday as worries about Europe eased and investors parsed the latest round of corporate results. The Dow and S&P 500 posted the best one-day gains since March 13; the Nasdaq had the best gains since December 20, 2011.

Companies: Shares of Berkshire Hathaway (BRK-A) traded down slightly after its chairman and CEO Warren Buffett announced he has prostate cancer.

Shares of Chesapeake Energy (CHK, Fortune 500) hit a 52-week low after Reuters reported that Chesapeake's CEO borrowed more than $1 billion to finance stakes in the company's wells, and used those same stakes as collateral for additional loans

Financial stocks were back in the spotlight Wednesday, with several notable firms reporting earnings.

Bank of New York Mellon (BK, Fortune 500) reported its quarterly results before the opening bell, posting earnings and revenue in line with analyst expectations. PNC (PNC, Fortune 500) reported earnings of $1.44 a share, in line with expectations, on $3.73 billion in revenue.